Bitcoin slips below $79,000 as traders await U.S. inflation data

  • Bitcoin fell below $79,000 as leading cryptocurrencies declined ahead of U.S. inflation data.
  • More than $250 million in crypto positions were liquidated, including $163 million in long positions, while Bitcoin open interest rose 0.70% to $53.45 billion.
  • CeFi rose 1.66% and Layer1 gained 1.09%, while traders priced a 59% chance of a Federal Reserve rate cut at the next meeting.

Cryptocurrencies remained range-bound to lower as Bitcoin slipped below $79,000 and traders awaited U.S. producer- and consumer-price data for clues about Federal Reserve policy. Bitcoin was reported at $78,507 in an 8:10 a.m. CoinMarketCap snapshot and $78,664.62 at 9:24 p.m. EDT, down 0.60% and 0.93%, respectively, while Ethereum traded below $2,500. More than $250 million in crypto positions were liquidated, including $163 million in long positions, as Bitcoin open interest rose alongside the price decline. CeFi and Layer1 advanced in sector data, while DeFi, Layer2, RWA and meme tokens were generally weaker. Traders priced a 59% chance of a Federal Reserve rate cut at the next policy meeting, while technical indicators offered mixed signals.

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